Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Expo 2020 fuels confidence of Dubai's growth  Join our daily free Newsletter

MENAFN - Khaleej Times - 11/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Optimism especially high in manufacturing services; stable selling prices set to drive revenues.

the manufacturing sector retained its lead with respect to expectations in terms of volumes soldwith 69 per cent firms expecting an increase in sales volumes in the next quarter. — kt file photo

businessmen are looking more bullish in dubai as expo 2020 is attracting more new projects that are fuelling large companies’ confidence significantly.

the dubai business community has been significantly more optimistic during the first quarter of 2014 compared to the same period of the previous year. optimism is especially high among manufacturing and services firms according to the quarterly business survey conducted by the department of economic development or ded.

the composite business confidence index for dubai stood at 135.5 points in the march quarter of 2014 an increase of 22.4 points from the same quarter in 2013. new projects expected as a result of expo 2020 are driving positive perceptions.

following on from the previous quarter large companies continue to have a stronger outlook compared to small and medium firms as indicated by their corresponding index scores of 141.6 and 126.4 respectively. large companies are more optimistic than smes on all the parameters recorded in the survey.

from a sectoral perspective optimism with respect to selling prices volumes and new purchase orders is the highest within the manufacturing sector while optimism on hiring plans and net profits is the highest amongst service firms.

selling prices are largely expected to be stable with 73 per cent of the respondents expecting “no change” while seven per cent expect a decline due to stiff competition in the market as well as the effect of seasonal downturn associated with the second quarter.

with prices largely expected to remain stable the revenue increase estimates are largely driven by an expected increase in volumes. respondents forecasting an increase in sales volumes during the second quarter of 2014 accounted for 63 per cent as against 54 per cent in the previous year.

in line with the expectations for sales volumes 62 per cent of the respondents forecast an increase in new purchase orders in the second quarter of 2014. with respect to net profits 54 per cent are expecting an increase on the back of improvement in demand for their products whereas 10 per cent foresee a decline citing slowdown in business conditions and a decline in demand.

the businesses surveyed are more confident on hiring as compared to the same period last year but less confident compared to the previous quarter — 30 per cent intend to increase their staff count in the second quarter 2014 compared to 23 per cent in the same perio in 2013 and 39 per cent in the first quarter of this year.

the manufacturing sector retains its lead with respect to expectations in terms of volumes sold with 69 per cent firms expecting an increase in sales volumes in the next quarter.

within the services sector firms in the construction architecture and real estate sub-segment are extremely confident with respect to volumes of sales in the second quarter of 2014. on the other hand expectations are subdued in the hotels and restaurants segment mainly due to the impact of summer on tourist inflows and events.

transportation firms maintain a strong outlook with 65 per cent looking forward to better volumes accentuated by a growing population rising construction activity increasing trade (exports and imports) and a booming economy. within the trading sector building and construction food and beverages electronics and auto spare parts firms are particularly optimistic due to new contracts expected in the coming quarter.

the ded conducts the quarterly surveys as an effective tool to measure the pulse of the business community and allow the government and the private sector to track and analyse major trends and issues that have a bearing on economic activity in dubai.

a total of 502 companies in dubai were covered in the survey during the first quarter of 2014. the companies were asked to indicate if they anticipated an increase decrease or no change in key indicators such as sales revenues selling prices volumes sold profits and number of employees.

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Oct 2 2014 - Qatar's Barwa to sell land for USD697mMENAFN
(MENAFN) Qatar's Barwa Real Estate announced it is planning to sell a land worth USD697.4 million to the government, Gulf Daily News reported.For the piece of land, located in Lusail City and which ...

 Oct 2 2014 - Oman's OIF to acquire 33.6 percent stake in TaageerMENAFN
(MENAFN) Oman Investment Fund (OIF) announced it is acquiring 33.63 percent stake in Taageer Finance Co. from Al Anwar Holdings, Muscat Daily reported.The deal, which is awaiting a formal approval ...

 Oct 2 2014 - Retaj seeks to invest in MoldovaMENAFN
(MENAFN) Retaj is looking for opportunities to invest in real estate, tourism and hotels in Moldova, as well as looking into different investment opportunities available in the country and also ...

 Oct 2 2014 - BP Oman awards 2 USD730m drilling contracts for Khazzan projectMENAFN
(MENAFN) BP Oman announced it has awarded two long-term drilling contracts for the Khazzan project, both valued at more than USD730 million, Times of Oman reported.The first contract was awarded to ...

 Oct 2 2014 - ME's carriers cargo growth up 7.8 percent in AugustMENAFN
(MENAFN) Middle Eastern carriers reported a growth by 7.8 percent in cargo in August, which is lower than the 2014 average of 9.6 percent previously expected, Arabian Business reported.Despite growth ...

 Oct 2 2014 - UAE, US sign MoU to increase energy cooperationMENAFN
(MENAFN) The UAE's Ministry of Energy announced it has signed a Memorandum of Understanding (MoU) with the US Ministry of Energy in order to strengthen the bilateral energy relationship, joint ...

 Oct 2 2014 - Abu Dhabi Ports to open ship-repairing facilityMENAFN
(MENAFN) Abu Dhabi Ports Company (ADPC) announced it has leased a land to Topaz Marine Engineering Division, one of the Middle East's leading marine engineering services, for the purpose of ...

 Oct 2 2014 - UAE writers celebrate UN honoring of His Highness the AmirKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The UAE Writers Union has celebrated the recent UN acclamation of His Highness the Amir (of Kuwait) Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah as an international ...

 Oct 2 2014 - Malaysia, FBI cooperate to uproot ISIL threatsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Malaysia would join the US-based Federal Bureau of Investigation (FBI) in the fight against Islamic State in Iraq and the Levant (ISIL) militants, Home Minister ...

 Oct 2 2014 - Nakheel awards USD32.6m contract for Phase 2 of Al FurjanMENAFN
(MENAFN) Nakheel, the UAE-based property developer, announced it has awarded USD32.66 million contract to Dubai-based Target & Jima Construction Company, Gulf News reported.The awarded contract is ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help